Morgan Stanley's better results lift financials

GregMorcroft

NEW YORK (MarketWatch) -- U.S. financial stocks remained front and center in Friday's headlines, highlighted by an almost 7% gain in Morgan Stanley
MS, -1.17%
as well as a 7% decline for Capital One Financial Inc.
COF, -0.25%
after both reported fourth-quarter financial results. Morgan Stanley reported a profit of $507 million, compared with a year-earlier loss of $250 million. The per-share profit, which reflects the payment of preferred dividends, was 25 cents compared with a loss of 15 cents a year earlier. At Capital One, the company reported a profit of $843 million, or $1.41 a share, missing the $1.58 analyst consensus according to a Thomson Reuters poll. Among other movers on Friday, Legg Mason
LM, +1.04%
shares rose 3.6%, Franklin Resources
BEN, -1.32%
shares dropped 2.1% and SunTrust Banks
STI, -0.78%
shed 1.2%. The Financial select Sector SPDR ETF
XLF, -0.32%
which tracks the financial stocks in the S&P 500
SPX, -0.23%
added 0.2%.

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